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GBPUSD TECHS: Shallow Correction

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3266 High Aug 27 
  • PRICE: 1.3139 @ 16:19 BST Aug 30
  • SUP 1: 1.3130 Low Aug 30
  • SUP 2: 1.3077 Low Aug 22
  • SUP 3: 1.3019 20-day EMA
  • SUP 4: 1.2899 50-day EMA

Bullish conditions in GBPUSD remain intact and the latest shallow pullback is considered corrective. Recent gains reinforce a bullish condition and this maintains the positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, highlighting a rising trend. Sights are on 1.3328, a Fibonacci retracement. Firm support is at 1.3019, the 20-day EMA.

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  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3266 High Aug 27 
  • PRICE: 1.3139 @ 16:19 BST Aug 30
  • SUP 1: 1.3130 Low Aug 30
  • SUP 2: 1.3077 Low Aug 22
  • SUP 3: 1.3019 20-day EMA
  • SUP 4: 1.2899 50-day EMA

Bullish conditions in GBPUSD remain intact and the latest shallow pullback is considered corrective. Recent gains reinforce a bullish condition and this maintains the positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, highlighting a rising trend. Sights are on 1.3328, a Fibonacci retracement. Firm support is at 1.3019, the 20-day EMA.